Sales of paper cone cups are anticipated to be valued at US$ 2.2 Billion in 2022, forecast to grow at a CAGR of 4.75% to reach US$ 3.5 Billion by the end of the 2022-2032 forecast period. The growth of the paper cone cup market is attributed to its global utilization across the packaging industry.
Paper cone cups are single-use, throwaway cups composed of paper with a plastic or wax coating to prevent liquid spilling or soaking. Because of their durability and sustainability, single-use disposable paper cone cups are becoming increasingly popular. Paper cone cups with tightly rolled rims keep their structural integrity, making them acceptable in vending machines. Additionally, multi-color images can be printed on these cups to provide branding information.
North America is considered to be a dominant region for paper cone cup market, driven primarily with well-established presence of food chains in the US.
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The major factor that is expected to propel the growth of the paper cone cup market during the forecast period includes high demand of paper cone cups from institutions such as malls & theatres, and other recreational parks.
Which are Some Prominent Drivers Spearheading Paper Cone Cup Market Growth?
The major factor that is expected to fuel the growth of the paper cone cup market during the forecast period includes the cups’ significant properties, such as easy-to-use, hygienic, safe, and other functionality. The paper cone cups also meet the needs of modern life cost-effectively. In addition, the increasing penetration of coffee chains, such as Starbucks, Costa Coffee, Café Coffee Day, across the globe is another factor that drives the market growth.
Moreover, indications such as the growing demand for short-run custom printed cups are majorly being used by standalone coffee and ice cream shops that need greater volumes and fast deliveries. This factor is anticipated to propel the growth of the Paper Cone Cup market during the forecast period.
Furthermore, the paper cone cups’ market is likely to flourish amid increased in-migration rates and a growing civil population, which has increased the number of vending machines and water coolers globally.
Rising adoption of paper cone cups for packaging of various food products is expected to boost paper cups demand by the end of the forecast period. Growing concerns about waste generation, as well as increased demand for eco-friendly packaging materials, are expected to have a positive impact on the growth of the paper cone cups market. In addition, rising environmental concerns and growing public awareness about eco-friendly packaging are some other driving forces behind the papers cone cup market’s rapid growth during the forecast period.
What are the Challenges Faced by the Paper Cone Cup Industry?
Amid rising concerns about the hygiene and safety of reused packaging during the COVID-19 pandemic, demand for paper cone cups experienced a substantial decline, leading to a temporary demand contraction, especially in the initial quarter of 2020.
Moreover, the traditional paper cups can replace the paper cone cups for many purposes. Traditional paper cups start the table in the disposable cup sector and are expected to hamper the market growth.
In addition, stringent laws put on the deforestation in response to increased environmental concerns, will further halt the growth of the paper cone cup market during the forecast period.
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How is North America Emerging as an Opportunistic Paper Cone Cup Market?
North America is the largest market for paper cone cups and the trend is expected to continue into the forecast period attributed to the proliferation of fast-food chains and the expanding popularity of portion-controlled intakes in the U.S., which can be attributable to this need. Moreover, increased foot traffic has resulted in a considerable increase in vending machine numbers, which is projected to feed demand for paper cone cups in the region.
As environmental concerns have grown, non-biodegradable plastic cone cups have been phased out in favor of paper cone cups across the region. As a result, overall paper cone cup sales in the region are increasing. Furthermore, rising consumer awareness of health issues has prompted the use of paper cone cups as a more hygienic, reusable alternative to plastic cups. A CAGR of 3% is projected for the paper cone cup industry across North America.
How is Europe Contributing to Growth of the Paper Cone Cup Market?
According to Future Market Insights, the Europe is anticipated to witness growth at a lucrative rate over the forecast period, owing to the widespread utilization of Paper Cone Cup Market in France, Germany, and UK, coupled with legislation prohibiting the use of single-use plastics.
According to a UNEP (United Nations Environment Programme) report, at least 27 nations have now implemented laws prohibiting the use of single-use plastics to some extent. The UNEP report intends to reduce the global consumption of plastic cups, increasing paper cone cups demand, which in turn is expected to accelerate the market growth in the region.
Market Competition
Some of the key participants present in the global paper cone cup market include DS Smith, Smurfit Kappa Group, YOJ pack-kraft, DNA Packaging Systems, Eltete Malaysia Sdn Bhd, Green Label Packaging, Sonoco., Honey Shield Emballeurs, AXIS VERSATILE SDN.BHD, ebul Packaging Pty Ltd, LONGYOUXIAN JINlONG PAPER CO., LTD., Kaily Packaging Pte Ltd, Tri Wall Pak. Pvt. Ltd and FORLIT, A.S., among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as DS Smith, and Smurfit Kappa Group account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the North America.
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